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Informist, Monday, Aug 19, 2024

MUMBAI – The Reserve Bank of India's gold reserves rose 2.62 tn in July to 843.38 tn as of Jul 26, data from the central bank's bulletin released today showed. So far this calendar year, the RBI has added 39.8 tn of the metal to its treasury.

The RBI's monthly gold purchase in July was the lowest in 2024, because of a sharp rise in prices of the yellow metal. The share of gold in the central bank's total reserves was 8.6% as of Jul 26.

"Geopolitical risks continue to remain significant, driven by escalating tensions in the Middle East," the RBI bulletin said.

Gold prices rose 3% in July due to increased optimism about an interest rate cut by the US Federal Reserve, weakening of the US dollar, and safe haven flight in response to an escalation in global geopolitical tensions, the release said.

As of July end, India had the world's tenth-largest official gold holding, behind Japan at 846 tn.

The monthly average price of gold in Mumbai fell marginally to 72,014 rupees per 10 gm in June from 72,135 rupees per 10 gm in May, and up from 60,624 rupees in the same month a year ago, the bulletin said, citing India Bullion and Jewellers Association data.

The October gold contract on COMEX was $2,517.7 per ounce, up 0.1% from Friday’s close.   End

US$1 = 83.87 rupees

Reported by Sandeep Sinha

Edited by Rajeev Pai

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